FOR IMMEDIATE RELEASE 

Contact:
AEO Communications
Association for Enterprise Opportunity (AEO)
[email protected]
www.aeoworks.org 

AEO Applauds Announcement of Record Lending to Small Businesses in 2024 and New Actions to Cut Red Tape and Expand Contracting Opportunities

Washington, DC, October 24, 2024 — The Association for Enterprise Opportunity (AEO) applauds Vice President Kamala Harris and the Biden-Harris Administration for their historic commitment to small businesses, as demonstrated by today’s announcement of a record $64 billion in lending through the Small Business Administration (SBA) in 2024. This milestone represents a significant increase in capital access for entrepreneurs across the nation, especially those from underserved communities, and underscores the Administration’s ongoing dedication to economic growth and opportunity.

The new initiatives, which include streamlining federal procurement processes and expanding access to government contracts for small businesses, aim to remove systemic barriers that have historically limited participation by minority- and women-owned enterprises. The Administration’s plan to modernize the procurement system and increase transparency will enable a more equitable distribution of government contracts, ensuring that entrepreneurs from all backgrounds can compete and succeed in the federal marketplace.

“AEO commends Vice President Harris for her bold leadership in supporting and empowering small businesses,”said Natalie Madeira Cofield, President and CEO of AEO. “The announcement of $64 billion in lending, coupled with the new measures to cut red tape, signals a transformative moment for America’s entrepreneurs. At AEO, we remain committed to leveraging these initiatives to ensure that entrepreneurs, especially those in underserved communities, have the resources and opportunities they need to thrive and contribute to our nation’s economy.”

As the nation’s leading advocate for underserved microbusinesses, AEO is already mobilizing its network to align with the Administration’s new policies. AEO will continue to deliver technical assistance programs, facilitate partnerships with financial institutions, and advocate for policies that expand access to capital and contracting opportunities for all entrepreneurs, particularly those historically excluded from such pathways.

AEO’s work has been instrumental in supporting the Administration’s economic agenda, including partnerships with Minority Business Development Agencies (MBDA), Historically Black Colleges and Universities (HBCUs), and other Minority-Serving Institutions (MSIs) to deliver training and resources. The organization’s focus on these partnerships aligns with the Administration’s commitment to ensuring a fair and accessible economic landscape for minority entrepreneurs.

Specific Measures Announced Include:

  • $64 billion in SBA lending, the largest amount in the agency’s history, which has directly benefited small businesses owned by women, minorities, and veterans.
  • Expansion of the federal contracting program, aimed at reducing administrative burden, increasing transparency, and setting new targets to boost the number of small businesses—particularly those owned by minorities and women—that receive government contracts.
  • Elimination of outdated regulations that have posed barriers for small businesses, with a focus on creating a more efficient and accessible contracting process.

AEO is eager to continue its partnership with the SBA and the Administration in scaling these transformative measures. The organization will also deploy its resources to educate and equip small business owners with the necessary tools to navigate these newly expanded opportunities.

About the Association for Enterprise Opportunity (AEO)
AEO is the leading voice of innovation and opportunity for microbusinesses in America, serving entrepreneurs who are striving to create jobs and opportunities for themselves and their communities. For over 30 years, AEO has championed policies, provided technical assistance, and launched programs that uplift small businesses and the communities they serve.